The financial landscape in Panama has been permanently altered following the full absorption of Scotiabank’s local operations by Banco Davivienda. Officials from Davivienda Group confirmed the completion of the historic integration this week, marking the end of the Scotiabank brand in the country and creating a significantly larger regional financial player. The move triples Davivienda’s physical presence in Panama and expands its customer base dramatically.
This strategic consolidation comes after Davivienda Group received all necessary regulatory approvals to assume control of Scotiabank’s operations in Panama, Costa Rica, and Colombia. The transaction fundamentally reshapes the group’s regional structure and asset distribution. Clients of the former Scotiabank in Panama are now automatically part of Davivienda Panama, with the institution promising a seamless transition and enhanced service offerings.
Javier Suárez, President of Davivienda Group, framed the integration as a milestone for both the company and the Panamanian financial system. He emphasized the creation of a powerful regional connector.
“We have consolidated the integration of Scotiabank’s operations in Panama, Costa Rica, and Colombia, which now become part of Davivienda,” Suárez confirmed. [Translated from Spanish] He added, “Davivienda Panama is a bank that connects Central America and Colombia, allowing us to support business growth while offering people a value proposition distinguished by its close, timely, and exceptional service.” [Translated from Spanish]
The immediate next step involves assuring former Scotiabank clients of continuity. Joanna Crooks Ortiz, the newly appointed Executive President of Davivienda Panama, will lead the integration process locally. She brings over 19 years of international financial sector experience to the role. Her primary task is ensuring customers experience no disruption to their banking services during the brand transition.
Regional Scale and Strategic Shifts
This transaction is far more than a simple name change. It represents a major strategic realignment with lasting implications for the region’s banking sector. As part of the deal, Scotiabank acquired a 20 percent stake in Davivienda Group, becoming a shareholder rather than a direct competitor in these markets. The combined entity now serves over 29 million clients across the region.
Group assets have surged past $60 billion, reflecting an approximate 37 percent growth. The regional asset distribution now stands at 70 percent in Colombia and 30 percent in Central America. An additional investment of $150 million from the International Finance Corporation (IFC), which acquired a 7.09 percent stake in Holding Davivienda Internacional S.A., is set to bolster sustainable financing, particularly for women-led small and medium enterprises and climate projects.
For Panama specifically, the impact is transformative. The country’s share of Davivienda Group’s total operation jumps from 3.5 percent to nearly 9 percent. The integration adds roughly $5 billion in assets and a loan portfolio of approximately $3.5 billion. Davivienda also gains 900 new employees from the former Scotiabank team, significantly strengthening its local talent pool.
Customer Benefits and Market Impact
Panamanian customers, both personal and corporate, are poised to see tangible benefits from the larger combined entity. The most visible change will be a vastly expanded physical network. Davivienda’s branch presence in the country triples overnight. Its network of automated teller machines multiplies by a factor of seven, greatly improving accessibility for cash transactions.
The product portfolio is also set for enhancement. Clients can expect a more robust selection of credit cards with associated benefits and discounts. Corporate and business clients will gain access to expanded global financial capabilities, potentially easing international operations and trade finance. The bank has committed to a regional investment plan exceeding $100 million focused on technological development and improving the customer experience.
Joanna Crooks Ortiz directly addressed former Scotiabank clients to ensure confidence during the transition.
“The idea is that customers do not have to make any additional changes,” Crooks stated. [Translated from Spanish] She advised, “If they have any questions, they should call their service center to clarify them before carrying out any procedures.” [Translated from Spanish] Her appointment signals a focus on stable, experienced leadership for the newly enlarged operation.
Javier Suárez reiterated the group’s long-term commitment to the Panamanian market, a relationship spanning more than four decades. He positioned this integration as a reaffirmation of that commitment through substantial investment. The creation of Davivienda Panama as a regional hub aims to offer more competitive and comprehensive value propositions to every client segment, from small business owners to large multinational corporations.
The disappearance of the Scotiabank brand from Panama concludes a significant chapter in the nation’s banking history. It simultaneously opens a new one defined by a larger, regionally-focused Davivienda. The success of this integration will be measured by how smoothly services transition and whether the promised enhancements in scale, technology, and product offerings materialize for millions of customers across Central America and Colombia.